When assessee had let out property to the company (JISL) in which her husband and their relatives were holding substantial interest, it means that rent has been derived as a quid-proquofor letting out the property, thus, such receipt of rent could not be characterized as benefit or perquisite under Section 2(24)(iv) – 2015 punj-trib
SECTION 9
INCOME – DEEMED TO ACCRUE OR ARISE IN INDIA
Fees for technical services : Where assessee, an Indian company, had merely availed services of U.K. Yeezy Boost 350 VenteCalvin Klein Ropa Interior Mujer Company for global market survey to determine business prospects to carry out project in India, since these services were neither geared to nor did they ‘make available’ any technical knowledge, skill or experience to assessee or consisted of development and transfer of a technical man or technical design to assessee, article 13 of DTAA between India and U.K. Boxer Calvin Klein Hombre could not apply – 2015 Mumbai Tri
SECTION 10A
FREE TRADE ZONE
Computation of deduction : Any expenditure which is excluded from export turnover will have to be excluded from total turnover as well for computing deduction under section 10A –2015 Banglore Tri
SECTION 28(i)
BUSINESS INCOME – CHARGEABLE AS
Business income v. Capital gain : Land dealings : Where assessee having purchased agricultural land, converted same into barren land and thereupon sold it within short period of purchase, said activity was to be regarded as adventure in nature of trade and, consequently, profit earned on sale of land was to be taxed as business income –kerala 2015
SECTION 37(1)
BUSINESS EXPENDITURE – ALLOWABILITY OF
Gifts : Expenditure incurred by car-manufacturer on gifts of cars to State police department was held not an eligible expenditure under section 37(1) as it was found not incidental to carrying on business and there was no commercial expediency in incurring this expenditure – Chennai 2015
SECTION 54
CAPITAL GAINS – PROFIT ON SALE OF PROPERTY USED FOR RESIDENCE
Time limit for purchase : Where sale consideration of a house was utilised by assessee for purchase of a new residential house before due date of filing of return under section 139(4), same would be eligible for exemption under section 54 – Jaipur Tri-2015
SECTION 145
METHOD OF ACCOUNTING – ESTIMATION OF INCOME
Share dealings : Where no incriminating material was found during search which could indicate that long-term capital gains arising out of sale of shares was bogus and assessment was completed without considerating details of purchase of shares produced by assessee, assessment was void – 2015-mumbai tri
METHOD OF ACCOUNTING – REJECTION OF ACCOUNTS
Rice dealers : Where assessee’s yield from trading of rice was commensurate to industrial gross profit, ad hoc addition made was unjustified – 2015-Delhi
DEDUCTION OF TAX AT SOURCE – FEES FOR PROFESSIONAL OR TECHNICAL SERVICES
Internet charges : Internet charges could not be regarded as fees for technical services and, hence, assessee was not bound to deduct tax at source under section 194J in respect of leased line expenses – 2015-Banglore-tri
SECTION 222
COLLECTION AND RECOVERY OF TAX – CERTIFICATE PROCEEDINGS
Auction : Where petitioner did not pay entire bid amount within stipulated time as per terms and conditions on which bids were invited by income-tax department for subject property, decision of Chief Commissioner for forfeiting amount already paid by petitioner was justified – 2015-Gujrat
COMPANIES ACT
SECTION 397
OPPRESSION AND MISMANAGEMENT
Mere non-compliance with section 108 could not be a ground to set aside transfer of shares in petition under sections 397 and 398 – Bomabay 2015
Act of respondent shareholder and director of R1 company, putting petitioner i.e shareholder having 50 per cent interest in R1 company, to believe that he could get consideration to exit from company by entering into business separation agreement and conciously keeping him away from business of company and taking control of entire company, amounted to oppressive acts against petitioner – CLB 2015
As per DEEC scheme notification, duty-free imports of raw material is allowed subject to condition of export of product manufactured from that very raw material which is imported; hence, said export obligation cannot be fulfilled by arranging third party exports – SC 2015
CENTRAL EXCISE TARIFF ACT
SECTION 2
CLASSIFICATION – COSMETIC OR MEDICAMENT
‘Nizral Shampoo’ meant to ‘cure’ disease of ‘dandruff’ is a ‘medicament’ classifiable under Heading 3003.10 (duty 16 per cent) and not a ‘cosmetic preparation for use on hair’ classifiable under Heading 3305.99 (duty 24 per cent) –SC 2015
CUSTOMS ACT
SECTION 18
INTEREST – ON DELAYED PAYMENT OF DUTY/TAX
No interest can be charged on goods imported under bond, if bond does not provide for charge of any interest – SC 2015
SECTION 28AA
INTEREST – ON DELAYED PAYMENT OF DUTY TAX
Mere because, as per bond, assessee had agreed to pay interest at 24 per cent per annum, that would not take away right of Supreme Court to reduce rate of interest if ends of justice so warrant; hence, on facts, rate was reduced to 9 per cent –2015-SC
In absence of revenue’s appeal, Tribunal cannot enhance duty/rate thereof in assessee’s own appeal; assessee cannot be worse off by reason of filing an appeal –2015 SC
CUSTOMS TARIFF ACT
SECTION 3(1)
CHARGE/LEVY – ADDITIONAL DUTY OF CUSTOMS/CVD
Expression ‘duties levied as an addition to and in same manner as customs duties’ covers only ‘surcharges’ levied as an addition to customs duties; said expression does not cover independent duty like anti-dumping duty, which is levied ‘in addition to’ customs duties.
CA. Pankaj Kumar Mishra
(FCA, LLB, Peer Reviewer, FAFD (Forensic Auditor), M-com, B-Com (CS)) CCIA(ICAI), CCGST(ICAI), CCCAB (ICAI), CCAI(ICAI)
Co-opted Member as Special Invitee of ICAI:
Carrier Counselling Committee of the ICAI for the year 2025-26.
Editorial Board of the ICAI for the year 2024-25
Direct Tax Committee of the ICAI for the year 2023-24
Research Committee NIRC of the ICAI for the year 2024-25.
Visiting Faculty of:
The National Academy of Direct Taxation (NADT)
The Institute of Chartered Accountant of the India (ICAI)- (MCS)
The Institute of Cost and Management Accountant of India -Direct-Taxes
Specially Acknowledged by the Direct Tax committee of ICAI:
for contribution for revising the “Guidance Note on Tax Audit Under section 44AB of The Income Tax Act 1961(Revised 2023).
Brief About CA Pankaj Kumar Mishra and his Work Expertise:
CA Pankaj Kumar Mishra is a Fellow Chartered Accountant with extensive professional practice in Startup and MSME Advisory Services, covering a comprehensive range of direct and indirect taxation planning, regulatory management, and strategic financial advisory. His core specialization spans tax compliance management, international taxation frameworks.
Over the years, he has developed strong expertise in interpreting and applying complex tax provisions, along with managing intricate income-tax proceedings before various wings of the Income Tax Department.
A significant part of his professional profile is his active representation before appellate authorities, including
Commissioner of Income Tax (Appeals),
Income Tax Appellate Tribunal (ITAT), and
Other quasi-judicial forums, Including GST Matters and Representation also.
He has a proven track record of successfully preparing, presenting, and defending complex tax matters at various appellate stages, demonstrating strong analytical and advocacy skills.
His professional journey includes handling matters such as assessments, reassessments, TDS proceedings, search & seizure-related issues, and high-value scrutiny cases. He has also led numerous due diligence assignments, including financial, tax, and technical viability evaluations for mergers, acquisitions, strategic investments, and joint ventures involving both domestic and international stakeholders. also having rich experience in business structuring, foreign exchange laws (including FEMA regulations), and foreign trade policy advisory.
In addition to his practice, CA Pankaj Kumar Mishra is well-recognized for his contribution to the profession through knowledge sharing. He has delivered numerous seminars, workshops, and technical sessions at the Northern India Regional Council (NIRC) of ICAI, as well as at other professional forums across Pan-India. His sessions on taxation, startup advisory, and emerging regulatory frameworks have been highly appreciated by participants and peers.
Thanks, and Regards
CA Pankaj Kumar Mishra
